CFTC Seeks Comment On A Tailored Federal Framework For Retail Crypto Trading

On October 5, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) issued an advance notice of proposed rulemaking (the “ANPRM”) seeking comment on a regulatory framework for retail commodity transactions involving crypto assets subject to Section 2(c)(2)(D) of the Commodity Exchange Act, as amended (the “CEA”) (such transactions, “CTXs”).¹ If adopted, Regulation Crypto Asset Transactions (“Reg CTX”) would clarify which transactions fall within Section 2(c)(2)(D), while Regulation Crypto Asset Markets (“Reg CAM”) would tailor exchange, intermediary and clearing requirements to those transactions.

Key Highlights

• Fully paid transactions may remain in scope. The Commission’s preliminary view is that a mere offer to a retail customer of a transaction on a leveraged, margined or financed basis can bring a transaction within Section 2(c)(2)(D), even if the customer declines the offer and pays in full.